2023-05-08T15:01:06-05:00 2022-06-30 221478099 COHNREZNICK LLP 14 SYLVAN WAY PARSIPPANY NJ 070543801 990 2021-07-01 060653118 GREENWICH ACADEMY INC GREE 2036258900 200 NORTH MAPLE AVENUE GREENWICH CT 06830 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 2036258900 2023-05-15 1 ANDREA SABITSANA 999009999 LAURA KIELCZEWSKI P00740769 9732283500 2023-05-04 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z MOLLY KING 200 NORTH MAPLE AVENUE GREENWICH CT 06830 90708332 0 X WWW.GREENWICHACADEMY.ORG X 1924 CT GREENWICH ACADEMY IS AN INDEPENDENT COLLEGE-PREPARATORY DAY SCHOOL FOR GIRLS AND YOUNG WOMEN THAT SEEKS TO FOSTER EXCELLENCE. ITS MISSION IS TO PROVIDE A CHALLENGING, COMPREHENSIVE EDUCATIONAL EXPERIENCE GROUNDED IN A RIGOROUS LIBERAL ARTS CURRICULUM WITHIN AN INCLUSIVE, DIVERSE COMMUNITY. THE SCHOOL'S OBJECTIVE IS TO DEVELOP GIRLS AND YOUNG WOMEN OF EXCEPTIONAL CHARACTER AND ACHIEVEMENT WHO DEMONSTRATE INDEPENDENCE, RESILIENCE, COURAGE, INTEGRITY AND COMPASSION. WE STRIVE, ABOVE ALL, TO HONOR OUR MOTTO, "TOWARD THE BUILDING OF CHARACTER." 35 34 271 350 765173 0 15495760 10549112 39215750 41285796 1426512 1067165 590073 920275 56728095 53822348 3546178 3932664 0 0 32532347 33690944 0 0 1887311 15618686 17753429 51697211 55377037 5030884 -1554689 313417197 291347699 49489425 54095037 263927772 237252662 GREENWICH ACADEMY IS AN INDEPENDENT COLLEGE-PREPARATORY DAY SCHOOL FOR GIRLS AND YOUNG WOMEN THAT SEEKS TO FOSTER EXCELLENCE. FOR MORE INFORMATION SEE SCHEDULE O. 0 0 44144883 3932664 40782350 GREENWICH ACADEMY IS A COLLEGE PREPARATORY DAY SCHOOL SERVING GIRLS IN GRADES PRE-KINDERGARTEN THROUGH GROUP XII. ALL EXPENDITURES FOR COMPENSATION AND OTHER EXPENSES ARE IN SUPPORT OF INSTRUCTIONAL AND INSTITUTIONAL ACTIVITIES. THIS INCLUDES THE INSTRUCTION OF APPROXIMATELY 800 GIRLS BY 220 FULL TIME AND PART TIME FACULTY AND STAFF. 44144883 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 1 164 0 1 271 1 1 1 0 0 0 0 0 0 0 0 0 1 0 X 35 34 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 X ANDREA SABITSANA 2035524408 200 NORTH MAPLE AVENUE GREENWICH CT 06830 ALEXA RAETHER MADDOCK TRUSTEE 1.00 X 0 0 0 ALEXANDER CAPTAIN TRUSTEE 1.00 X 0 0 0 ALEXANDRA STEEL SCOTT TRUSTEE 1.00 X 0 0 0 ANDRA WINOKUR NEWMAN CHAIRMAN 15.00 X X 0 0 0 ANNE DAY THORP TRUSTEE 1.00 X 0 0 0 BARNETT D OSMAN VICE CHAIR 5.00 X X 0 0 0 BRIAN F CARROLL TRUSTEE 1.00 X 0 0 0 CARTER BROOKS SIMONDS TRUSTEE 1.00 X 0 0 0 CORINNE JAMES MENACHO TRUSTEE 1.00 X 0 0 0 CRAIG W PACKER TREASURER 5.00 X X 0 0 0 ERIC ZHENHONG GUO TRUSTEE 1.00 X 0 0 0 ERIN DODDS TRUSTEE 1.00 X 0 0 0 HAGAR HAJJAR CHEMALI TRUSTEE 1.00 X 0 0 0 HEATHER JOHNSON SARGENT VICE CHAIR 5.00 X X 0 0 0 JAMIE ROACH MURRAY TRUSTEE 1.00 X 0 0 0 JENNIFER HYDE TRUSTEE 1.00 X 0 0 0 JOSEPH OSNOSS TRUSTEE 1.00 X 0 0 0 KHERI HOLLAND TILLMAN TRUSTEE 1.00 X 0 0 0 KIRSTEN DZIALGA TRUSTEE 1.00 X 0 0 0 LAUREN BERKLEY SAUNDERS VICE CHAIR 5.00 X X 0 0 0 LISA UTZSCHNEIDER TRUSTEE 1.00 X 0 0 0 MARIANNE CHOLNOKY KAY TRUSTEE 1.00 X 0 0 0 MAUREEN A ALLWOOD TRUSTEE 1.00 X 0 0 0 MAXIMILLIAN CARTELLIERI TRUSTEE 1.00 X 0 0 0 MICHAEL BEHRINGER TRUSTEE 1.00 X 0 0 0 MICHAEL S SCHAFTEL TRUSTEE 1.00 X 0 0 0 MICHELLE JOHNSON SECRETARY 5.00 X X 0 0 0 PAGET MACCOLL TRUSTEE 1.00 X 0 0 0 PAUL T CAPPUCCIO TRUSTEE 1.00 X 0 0 0 SAHARA LAKE TRUSTEE 1.00 X 0 0 0 STEPHEN MURRAY TRUSTEE 1.00 X 0 0 0 STEVEN RODGERS TRUSTEE 1.00 X 0 0 0 SUHAS DAFTUAR TRUSTEE 1.00 X 0 0 0 TIMOTHY VAN BIESEN TRUSTEE 1.00 X 0 0 0 VALERIE ROCKEFELLER WAYNE TRUSTEE 1.00 X 0 0 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 40.00 X 413136 0 151483 MOLLY KING HEAD OF SCHOOL 40.00 X 1601598 0 122333 MARK FEINER ASSOC. HEAD OF SCHOOL 40.00 X 449667 0 115955 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE SCHOOL 40.00 X 360122 0 104626 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER SCHOOL 40.00 X 353019 0 106556 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 40.00 X 286145 0 101349 BOBBY WALKER JR ASST. HEAD FOR COMMUNITY AND STUDENT LIFE 40.00 X 270710 0 73400 JON ROSS-WILEY HEAD OF LOWER SCHOOL 40.00 X 229280 0 96317 MICHELLE SUMMERS DIRECTOR OF FINANCE AND OPERATIONS 40.00 X 237477 0 34677 NINA HANLON DIR. OF ENROLLMENT AND FINANCIAL AID 40.00 X 210266 0 88634 DONNA BYRNES FORMER DIR. OF ADVANCEMENT 16.00 X 152650 0 0 4564070 0 995330 90 1 1 0 AP CONSTRUCTION CO 707 SUMMER STREET STAMFORD CT 06901 CONSTRUCTION 17313930 SODEXO INC & AFFILIATES PO BOX 360170 PITTSBURGH PA 15251 FACILITY SERVICES 2292110 DHI CONSTRUCTION SERVICES INC 3000 MARCUS AVE SUITE 1W12 LAKE SUCCESS NY 11042 CONSTRUCTION 2101000 FLIK INDEPENDENT SCHOOLS 2400 YORKMONT ROAD CHARLOTTE NC 28217 DINING SERVICES 1192327 CEBULSKI CONSTRUCTION COMPANY CO INC 651 LINDLEY STREET BRIDGEPORT CT 06606 CONSTRUCTION 873480 18 10549112 585864 10549112 TUITION AND FEES 611110 38354663 38354663 OTHER PROGRAM ACTIVITIES 611710 2154852 2154852 DAYCARE 624410 776281 776281 41285796 7911 7911 762663 197326 565337 565337 565337 37466209 36406955 1059254 1059254 -11108 1070362 363806 281703 82103 82103 OTHER INCOME 900099 272835 272835 272835 53822348 40782350 765173 1725713 3932664 3932664 3861778 2939139 731850 190789 19675201 15040014 3706849 928338 1973609 1455792 389437 128380 6626411 4941188 1534732 150491 1553945 1146235 306628 101082 72922 72922 100155 100155 376870 376870 364609 328148 36461 267747 232940 34807 346382 106538 192299 47545 383546 325459 46470 11617 216744 215435 1047 262 893823 893823 6384373 5767731 493314 123328 476845 467308 9537 STUDENT SERVICES AND AC 3219927 3200488 15551 3888 REPAIRS & MAINTENANCE 2748843 2473959 219907 54977 FOOD SERVICES 1283151 1154836 102652 25663 EARLY CHILDHOOD/SUMMER 153635 152708 742 185 463857 165934 223155 74768 55377037 44144883 9344843 1887311 1388 5085 29047768 32960508 19447089 13383047 1348531 1285040 835595 852829 187119114 59140107 123843757 127979007 72630282 52204536 66262787 62677647 313417197 291347699 8888692 4497114 16796579 20613921 23804154 28984002 49489425 54095037 X 196519851 181017550 67407921 56235112 263927772 237252662 313417197 291347699 X -1554689 -20216094 -4904327 X X 0 1 X 1 0 X 14476577 27116549 19706736 15495760 10549112 87344734 14476577 27116549 19706736 15495760 10549112 87344734 15343425 72001309 554797 624283 603224 539114 770574 3091992 86222 182656 120578 389456 320027 329966 73518 129176 272835 1125522 91951704 192497407 0.78300 0.76890 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2017 AMOUNT: $ 320,027. 2018 AMOUNT: $ 329,966. 2019 AMOUNT: $ 73,518. 2020 AMOUNT: $ 129,176. 2021 AMOUNT: $ 272,835. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 144364951 2089529 -19533710 638652 3497086 122785032 121539587 2510091 33638448 722104 12601071 144364951 120126894 679280 5355188 674780 3946995 121539587 116905688 1631928 5839873 625178 3625417 120126894 102935211 9981829 7957923 3969275 116905688 0.66740 0.24700 0.08560 0 0 22152216 22152216 140560720 46937585 93623135 10054482 7645248 2409234 14351696 4557274 9794422 127979007 FIXED INCOME FUNDS 801007 F GLOBAL EQUITY HEDGE FUNDS 25372053 F MULTISTRATEGY HEDGE FUNDS 7549975 F REAL ASSET FUNDS 99369 F PRIVATE EQUITY AND PRIVATE CREDIT FUNDS 28855243 F 62677647 X 31595749 -20216094 2299029 -17917065 49512814 376870 3932664 4309534 53822348 53366532 2299029 2299029 51067503 376870 3932664 4309534 55377037 PART V, LINE 4: THE ACADEMY'S ENDOWMENTS CONSIST OF APPROXIMATELY 56 INDIVIDUAL DONOR RESTRICTED FUNDS AND 25 BOARD DESIGNATED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ACADEMY HAD ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ENDEAVOR TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. THE BOARD OF TRUSTEES ADOPTED A SPENDING POLICY THAT FUNDS DEBT SERVICE REQUIREMENTS AND FUNDS OPERATING EXPENSES. PART X, LINE 2: THE ACADEMY HAS RECEIVED A FAVORABLE DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE WITH RESPECT TO THE ACADEMY'S CONTINUED QUALIFICATION UNDER SECTION 501(A) AS A 501(C)(3) TAX-EXEMPT ORGANIZATION. THE ACADEMY RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. INCOME GENERATED FROM ACTIVITIES UNRELATED TO THE ACADEMY'S PURPOSE IS SUBJECT TO TAX UNDER THE INTERNAL REVENUE CODE SECTION 511. INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS WOULD BE RECOGNIZED AS PART OF THE INCOME TAX PROVISION AND WOULD INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. THE ACADEMY DID NOT HAVE ANY MATERIAL UNRELATED BUSINESS INCOME TAX LIABILITY AT JUNE 30, 2022 AND 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 1,820,000. BOOKSTORE COST OF GOODS SOLD 281,703. RENTAL EXPENSES 197,326. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,932,664. PART XII, LINE 2D - OTHER ADJUSTMENTS: OPERATING ALLOCATION FOR CAPITAL RENEWAL AND REPLACEMENT 1,820,000. BOOKSTORE COST OF GOODS SOLD 281,703. RENTAL EXPENSES 197,326. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,932,664. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 GREENWICH ACADEMY HAS OUR NONDISCRIMINATORY POLICY ON THE INTERNET, IN OUR EMPLOYMENT AND ADMISSION APPLICATIONS AND EMPLOYEE HANDBOOK. IN OUR STUDENT HANDBOOK WE HAVE STATEMENTS ABOUT DIVERSITY AND MUTUAL RESPECT. AS A MEMBER OF AN ASSOCIATION OF SCHOOLS, GREENWICH ACADEMY IS INCLUDED IN AN ADVERTISEMENT IN THE NEW YORK TIMES REGARDING OUR NON-DISCRIMINATORY POLICY ANNUALLY. CENTRAL AMERICA AND THE CARIBBEAN INVESTMENTS 28021717 0 0 0 0 0 0 28021717 0 28021717 1 0 1 1 1 0 PART III ACCOUNTING METHOD: PART I, LINE3: METHOD OF ACCOUNTING: INVESTMENTS ARE REPORTED ON SCHEDULE F, LINE 3, COLUMN (F) AT NET ASSET VALUE, CONSISTENT WITH REPORTING FOR FINANCIAL STATEMENT PURPOSES. 1 FINANCIAL AID 91 3932664 N/A N/A PART I, LINE 2: MONITORING GRANTS: IN KEEPING WITH THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS PRINCIPLES OF GOOD PRACTICE FOR FINANCIAL AID, GREENWICH ACADEMY REQUIRES THE PARENTS OF EACH FINANCIAL AID APPLICANT TO SUBMIT A DETAILED FINANCIAL STATEMENT IN WRITING ANNUALLY. EVERY FAMILY CONTRIBUTES TOWARDS THE COST OF EDUCATING THEIR DAUGHTER AT GREENWICH ACADEMY. IN MOST CASES, IT IS ASSUMED THAT BOTH PARENTS WILL HOLD FULL-TIME EMPLOYMENT TO FUND THESE EDUCATIONAL COSTS TO THE BEST OF THEIR ABILITIES BEFORE SEEKING FINANCIAL AID FROM THE SCHOOL. FULL TUITION SCHOLARSHIPS ARE NOT GRANTED. THE AMOUNT AND NUMBER OF FINANCIAL AID GRANTS ARE SUBJECT TO THE AVAILABILITY OF FUNDS. COMPLETION OF THE PARENTS' FINANCIAL STATEMENT (PFS) BY DECEMBER 15 IS A PREREQUISITE FOR CONSIDERATION IN THE FIRST ROUND OF GRANT ALLOCATIONS. IN ADDITION, CURRENT FORM 1040 INCOME TAX RETURNS, INCLUDING SCHEDULES, AND W-2 FORMS MUST BE SUBMITTED. FINANCIAL AID IS GRANTED FOR ONE SCHOOL YEAR AT A TIME. NEW APPLICATION FORMS MUST BE FILED YEARLY BY DECEMBER 15. FINANCIAL AID IS RESTRICTED TO FAMILIES WHO ARE UNITED STATES CITIZENS OR PERMANENT RESIDENTS. DOCUMENTATION FROM THE STUDENT AND THE PARENTS IS REQUIRED FOR VERIFICATION OF CITIZENSHIP OR PERMANENT RESIDENCY. IF FINANCIAL CIRCUMSTANCES CHANGE, IT IS ASSUMED THAT PARENTS WILL NOTIFY THE DIRECTOR OF FINANCIAL AID AND WILL TAKE RESPONSIBILITY FOR AN ADJUSTED AMOUNT OF THEIR DAUGHTER'S TUITION AND FEES. GREENWICH ACADEMY MONITORS THE USE OF SCHOLARSHIP FUNDS BY CREDITING THE AMOUNT OF THE SCHOLARSHIPS TO THE STUDENT'S ACCOUNT. REFUNDS ARE NOT ISSUED FOR UNUSED FUNDS. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 MOLLY KING HEAD OF SCHOOL 1162500 0 324968 0 114130 0 28938 0 93395 0 1723931 0 0 0 MARK FEINER ASSOC. HEAD OF SCHOOL 416000 0 5000 0 28667 0 41121 0 74834 0 565622 0 0 0 ANDREA SABITSANA CHIEF FINANCIAL OFFICER 379936 0 5000 0 28200 0 37149 0 114334 0 564619 0 0 0 REBECCA WALKER ASST. HEAD OF SCHOOL, HEAD OF MIDDLE 328692 0 5000 0 26430 0 31722 0 72904 0 464748 0 0 0 THOMAS SULLIVAN ASST. HEAD OF SCHOOL, HEAD OF UPPER 322015 0 5000 0 26004 0 31722 0 74834 0 459575 0 0 0 AMY O'REILLY RIZZI DIRECTOR OF ADVANCEMENT 281145 0 5000 0 0 0 29435 0 71914 0 387494 0 0 0 BOBBY WALKER JR ASST. HEAD FOR COMMUNITY AND STUDENT 265710 0 5000 0 0 0 26390 0 47010 0 344110 0 0 0 JON ROSS-WILEY HEAD OF LOWER SCHOOL 205080 0 5000 0 19200 0 21483 0 74834 0 325597 0 0 0 NINA HANLON DIR. OF ENROLLMENT AND FINANCIAL AID 184866 0 5000 0 20400 0 18750 0 69884 0 298900 0 0 0 MICHELLE SUMMERS DIRECTOR OF FINANCE AND OPERATIONS 232477 0 5000 0 0 0 23638 0 11039 0 272154 0 0 0 DONNA BYRNES FORMER DIR. OF ADVANCEMENT 152250 0 400 0 0 0 0 0 0 0 152650 0 0 0 PART I, LINE 1B THE GREENWICH ACADEMY PROVIDES ON-CAMPUS HOUSING AS A CONDITION OF EMPLOYMENT FOR THE HEAD OF SCHOOL. THE FAIR VALUE OF THE HOUSING IS INCLUDED AS A NONTAXABLE BENEFIT ON SCHEDULE J, PART II, COLUMN (D). THE CONTRACT ALSO INCLUDES A PROVISION FOR HOUSEKEEPING SERVICES TO MAINTAIN THE HOUSE FOR SPECIAL EVENTS. PART I, LINE 7 THE HEAD OF SCHOOL IS ELIGIBLE AT THE END OF EACH ACADEMIC YEAR BASED UPON THE ACHIEVEMENT OF AGREED UPON GOALS FOR A BONUS TO BE DETERMINED AT THE BOARD'S DISCRETION. BONUSES ARE PAID TO INDIVIDUALS BASED ON PERFORMANCE METRICS. BONUS AMOUNTS ARE INCLUDED IN PART II, COLUMN B(II). FORM 990, SCHEDULE J, PART II, COLUMN B(I) IN 2021, THE HEAD OF SCHOOL'S CONTRACT WAS RENEGOTIATED TO INCREASE THE AMOUNT OF SALARY CLASSIFIED AS BASE AS COMPARED TO BONUS. THIS RESULTED IN AN ADJUSTMENT OF $187,500 INCLUDED IN PART II, COLUMN B(I) THAT WOULD HAVE PREVIOUSLY BEEN PAID AT THE END OF THE CONTRACT TERM. A CHEFA 2007-SERIES E 060806186 20774ULB9 2007-03-22 30456648 REFUND OF 2001 BOND ISSUE 1 0 0 B CHEFA - SERIES F 060806186 2019-08-22 35000000 REVENUE BOND 1 0 0 C CHEFA - SERIES G 060806186 20775DNS7 2021-09-02 25140000 REVENUE BOND 0 0 0 A 9461648 20995000 30456648 397692 960749 29098207 2002 0 1 1 1 B 2144746 2144746 526675 1618071 2049 0 0 1 1 C 25140000 454074 24685926 0 0 1 1 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 C 0 0 0 0 0 0 0 A 0 0 1 0 0 0 0 0 1 B 0 0 0 0 0 0 0 0 1 C 0 0 0 0 0 0 0 0 1 A 1 B 0 SCHEDULE K SUPPLENTAL INFORMATION SCHEDULE K, PART II, LINE 15 ON MARCH 22, 2007, CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY ("CHEFA") ISSUED $26,435,000 OF ITS REVENUE BONDS, GREENWICH ACADEMY ISSUE SERIES E. THE PROCEEDS FROM THE SALE OF THE SERIES E BONDS, TOGETHER WITH CERTAIN OTHER AVAILABLE MONEYS, WERE USED TO REFUND $28,025,000 OF THE AUTHORITY'S REVENUE BONDS, GREENWICH ACADEMY ISSUE SERIES B. THE SERIES E BONDS WERE ISSUED AT A PREMIUM OF $4,021,648. THE INTEREST ON THE SERIES E BONDS RANGES FROM 4.0% TO 5.25% AND IS PAYABLE SEMIANNUALLY ON MARCH 1 AND SEPTEMBER 1. THE PRINCIPAL WAS SCHEDULED TO BE PAID IN ANNUAL INSTALLMENTS ON FEBRUARY 1 EACH YEAR COMMENCING FEBRUARY 1, 2015 THROUGH MATURITY IN 2032. THE OUTSTANDING BALANCE AT JUNE 30, 2021 WAS $20,995,000. IN AUGUST 2021, THE BONDS WERE LEGALLY DEFEASED. IN AUGUST 2019, CHEFA ISSUED ITS REVENUE BONDS, GREENWICH ACADEMY ISSUE, SERIES F FOR UP TO $35,000,000, COMPRISED OF UP TO $20,000,000 REVENUE BONDS, SERIES F-1 (SERIES F-1) AND UP TO $15,000,000 REVENUE BONDS, SERIES F-2 (SERIES F-2) (COLLECTIVELY, THE SERIES F BONDS). THE SERIES F BONDS HAVE BEEN PRIVATELY PLACED WITH A QUALIFIED INSTITUTION AND STRUCTURED AS A DRAW-DOWN LOAN WHICH WILL FINANCE CERTAIN PROJECT COSTS. INTEREST ON SERIES F-1 DRAW DOWNS COMMENCED SEPTEMBER 3, 2019 AND WAS PAYABLE MONTHLY AT AN ANNUAL RATE OF 1.9%. ANY OUTSTANDING PRINCIPAL BALANCE WILL BE SUBJECT TO MANDATORY TENDER ON AUGUST 22, 2024. INTEREST ON SERIES F-2 DRAW DOWNS COMMENCED SEPTEMBER 3, 2019 AND IS PAYABLE MONTHLY AT AN ANNUAL RATE OF 2.2%. ANY OUTSTANDING PRINCIPAL BALANCE WILL BE SUBJECT TO MANDATORY TENDER ON AUGUST 22, 2026. AS OF JUNE 30, 2021, THE OUTSTANDING BALANCES ON SERIES F-1 AND SERIES F-2 WAS $2,144,746. IN JANUARY 2022, THE BONDS WERE FULLY PAID OFF. ON SEPTEMBER 1, 2021, CHEFA ISSUED $25,140,000 OF ITS REVENUE BONDS, GREENWICH ACADEMY SERIES G. THE BONDS ARE PAYABLE IN ANNUAL INSTALLMENTS COMMENCING FEBRUARY 15, 2022. THE SERIES G BONDS WERE ISSUED AT A PREMIUM OF $4,854,765. THE INTEREST ON THE SERIES G BONDS RANGE FROM 4-5% AND IS PAYABLE SEMI-ANNUALLY ON MARCH 1 AND SEPTEMBER 1 OF EACH BOND YEAR. THE BONDS MATURE MARCH 1, 2051. THE BONDS ARE SPECIAL OBLIGATIONS OF CHEFA, PAYABLE FROM REVENUE RECEIVED FROM THE ACADEMY UNDER THE TERMS OF LOAN AGREEMENTS BETWEEN CHEFA AND THE ACADEMY. 35280 FINANCIAL AID EDUCATION ELIZABETH FEINER SPOUSE-KEY EMPLOYEE 213437 COMPENSATION 0 JOAN SLATTERY SPOUSE-KEY EMPLOYEE 209423 COMPENSATION 0 X 40 585864 FMV 0 1 0 PART I, COLUMN (B): THE NUMBER IN COLUMN (B) REPRESENTS THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERS OF THE GREENWICH ACADEMY ARE THE PARENTS AND GUARDIANS OF CHILDREN CURRENTLY ENROLLED IN THE SCHOOL. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT BETWEEN 21 AND 39 INDIVIDUALS TO SERVE ON THE BOARD OF TRUSTEES TO EXERCISE GENERAL OVERSIGHT OF THE MANAGEMENT OF THE BUSINESS AND PROPERTY OF THE SCHOOL. IN ADDITION, THE ALUMNAE ASSOCIATION PRESIDENT AND PARENTS ASSOCIATION PRESIDENT SERVE ON THE BOARD OF TRUSTEES. REGULAR BOARD MEETINGS ARE HELD, AS WELL AS AN ANNUAL BUSINESS MEETING THAT IS OPEN TO ALL MEMBERS AT THE OPENING OF SCHOOL EVERY YEAR. THE PURPOSE OF THIS MEETING IS TO ELECT ANY NEW MEMBERS OF THE BOARD OF TRUSTEES AND TO REVIEW THE PRIOR YEAR'S FINANCIAL OPERATIONS. FORM 990, PART VI, SECTION A, LINE 7B THE FOLLOWING POWERS OF THE CORPORATION SHALL BE DEEMED NONDELEGABLE AND THE EXERCISE THEREOF IS RESERVED TO THE MEMBERS OF THE CORPORATION: (A) TO AMEND THE CERTIFICATE OF INCORPORATION. (B) TO DISSOLVE OR MERGE THE CORPORATION, BUT ONLY UPON THE AFFIRMATIVE VOTE OF TWO-THIRDS OF THE MEMBERS OF THE CORPORATION ACTING IN PERSON OR BY PROXY. FORM 990, PART VI, SECTION B, LINE 11B THE MEMBERS OF THE AUDIT COMMITTEE WILL RECEIVE A COPY AND REVIEW THE COMPLETE FORM 990 WITHOUT SCHEDULE B - SCHEDULE OF CONTRIBUTORS. A COPY OF THE COMPLETE AND FINAL FORM 990, INCLUDING REQUIRED SCHEDULES, WILL BE PROVIDED TO THE CHAIR OF THE BOARD, THE CHAIR OF THE AUDIT COMMITTEE AND THE HEAD OF SCHOOL. THE CHAIR OF THE BOARD WILL REPORT ANYTHING OF SIGNIFICANCE TO THE FULL BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY: THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY COVERING ALL TRUSTEES, OFFICERS, AND EMPLOYEES. THE POLICY REQUIRES, AMONG OTHER THINGS, THAT NO INDIVIDUAL MAY PARTICIPATE IN DISCUSSIONS OR DECISIONS ON ANY MATTER IN WHICH HE OR SHE HAS A MATERIAL FINANCIAL INTEREST. A PERSON WHO HAS A CONFLICT OF INTEREST SHALL NOT PARTICIPATE IN OR BE PERMITTED TO HEAR BOARD DISCUSSION OF THE MATTER EXCEPT TO DISCLOSE MATERIAL FACTS OR TO RESPOND TO QUESTIONS. ALL TRUSTEES, OFFICERS AND KEY EMPLOYEES ARE REQUIRED TO CERTIFY COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AND TO INDICATE WHETHER THE ORGANIZATION DOES BUSINESS WITH AN ENTITY IN WHICH THEY HAVE A MATERIAL FINANCIAL INTEREST. FORM 990, PART VI, SECTION B, LINE 15A OFFICER COMPENSATION REVIEW: IN SETTING THE COMPENSATION FOR THE HEAD OF THE SCHOOL, THE GREENWICH ACADEMY'S EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, COMPRISED OF INDEPENDENT PERSONS, PERIODICALLY CONDUCTS A REVIEW TO DETERMINE THE GOING MARKET RATE OF COMPENSATION RANGES FOR COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS BY REFERENCE TO COMPENSATION SURVEYS, OTHER ORGANIZATIONS' FORM 990 AND COMPENSATION CONSULTANTS. THE GREENWICH ACADEMY SETS COMPENSATION WITHIN THE RANGE OF THE GOING MARKET RATE. NO INDIVIDUAL HAVING A CONFLICT OF INTEREST IS PERMITTED TO PARTICIPATE IN THE REVIEW OR DECISION OF COMPENSATION. THE ORGANIZATION MAINTAINS RECORDS OF THE DELIBERATIONS AND DECISIONS REGARDING COMPENSATION. THIS PROCESS IS UNDERTAKEN ANNUALLY. GREENWICH ACADEMY'S POLICIES FOR SETTING THE COMPENSATION FOR THE HEAD OF THE SCHOOL MEET ALL OF THE REQUIREMENTS OF THE REBUTTABLE PRESUMPTION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON DEFEASANCE OF BONDS -4,904,327. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE PROCESS FROM LAST YEAR.